Government has finally purchased a new software for integrated financial management system (Ifmis) at the cost of MK2 billion with help from World Bank.

Minister of Finance spokesperson Nations Msowoya confirmed of the development in an interview with one of the privately owned radio [Zodiak Broadcasting Station].

Msowoya said the software will assist the government in avoiding a repeat of the plunder of public funds at Capitol Hill during the reign of President Dr. Joyce Banda in 2013 dubbed cashgate by the media where money amounting to MK20 billion was stolen government coffers.

He said apart from the software, the government has also bought a hardware for the Ifmis, saying the softwares and hardwares were outdated as the Ifmis was installed in 2005.

On his part, US ambassador to Malawi Virginia Palmer hailed the government for the financial reforms, saying the economy is likely to improve soon should the government continue with the financial reforms.